Manila, June 28, 2018 – The GOW “Seize the Future” Cocktail Party was held at the Office of the Presidential Economic Adviser in Manila, the Philippines on 24th June 2018. The event was invitational and private, with honourable guests from the Philippines, China, Hong Kong, and Singapore. Government officials from the Philippines who attended the cocktail include Chairman of the Governance Commission for GOCCs, Samuel G. Dagpin, JR., Chairman of the Security and Exchange Commission, Emilio B. Aquino, Undersecretary of the Department of Trade and Industry and Chairman of the Board of Investments, Ceferino S. Rodolfo, and representatives from the Commission on Filipino Overseas, Rodrigo Garcia and Ivy Miravalles. Other guests at the cocktail party include Chairman of GOW exchange, Sam Sun, CEO of GOW Exchange, Tim Ying, Director of FaLian Lab and Adviser of GOW, Mike Liu, President of Huobi Lab, Yuming Yuan, Jiayue Zha and Maple Zhu from Northern Light Venture Capital, Founding Partner of Gama Capital, Daniel Wang, Founder of Top Fund, Siyu Liu, Founder of Bitrise Capital, Kevin Shao.
GOW – Global Overseas Workers
GOW Exchange is founded by senior financial professionals with rich experience in cross-border payment. GOW will focus on providing financial services to Overseas Filipino Workers (OFWs). In today’s world where one third of the population is without a bank account, there is a real need to ensure that those left behind are financially included in the world’s economy. The world economy is sustained through global trade and its people, the overseas workers globally. There were over 10 million Overseas Filipino Workers (OFWs) contributing inward remittance of USD $30 billion which is equivalent to 10% of the Philippines economy in 2017. With the help of Blockchain technology, the transaction cost and time cost of overseas remittances is greatly reduced. The company has already obtained various financial licenses in Canada, Hong Kong, Australia, Singapore, and the Philippines.
Discussion on the Development of Crypto Exchanges
The Cocktail Party was kick-started by Tim Ying, CEO of GOW Exchange, with his welcoming speech. Tim brought up the real-world remittance problems faced by millions of OFWs worldwide by quoting the example of the high cost and inconvenience faced by a Filipino maid in Hong Kong. The sharing was then continued by the discussion of guests from various fields of the Blockchain industry.
In the discussion, topics including the current situation, the development and the problems faced by cryptocurrency exchanges are covered. Mr Yuming Yuan, President of Huobi Lab, mentioned that continuous subsidy for customers is not a sustainable way in maintaining the competitiveness of crypto exchanges. To him, safety and stability are of the utmost importance. Exchanges should also focus on the development of crypto wallet and other value-added services.
Recognition from Filipino Officials
Chairman of the Governance Commission for GOCCs, Samuel G. Dagpin, JR, welcomed GOW representatives and guests from various Asia Pacific countries by expressing his willingness in seeing more cooperation between the Philippines and other countries in the development of Blockchain.
Chairman of the Security and Exchange Commission, Emilio B. Aquino, mentioned that government regulations and protection is the base for the sustainable development of any economy. The Philippines Government will encourage and place much emphasis on the protection of overseas investors of Blockchain. He stated that the SEC has already set up a special task force to draft and set up rules and regulations for Blockchain and cryptocurrency trading, and is expected to be released before the year end. Chairman Aquino recognised and appreciated the effort GOW made to solve real-world problem faced by Filipino workers and looked forward to the launch of the GOW platform.
The party was concluded by a free discussion session, where guests and officials exchanged their ideas and explored cooperation opportunities. It was believed that concrete results were going to be derived in the near foreseeable future.
Solving Real World Problem with Blockchain and Crypotocurrency
The goal of GOW Distributed Exchange is to lower the cost of overseas remittance via the application of cryptocurrency and Blockchain technology, which is also a GDP loss recovery for the beneficiary country economy. With the license granted by the Bangko Sentral ng Pilipinas (BSP), GOW is able to develop a settlement and clearing mechanism for inward and outward remittances for the Philippines through Cryptocurrency and Fiat Currency transfers, in partnership with GOW’s existing 30,000 branch location partners. GOW believe in a world where everyone has access to premium financial services, not only the privileged few.
Multi-payment Channels
GOW is expected to providing trading services in multiple major cryptocurrencies in the market as well as fiat currencies including PHP, USD, and CNY. A number of payment methods will be provided right after the platform goes live in July, including debit and credit cards, wire transfer, and third party payment service providers. A detailed schedule will be announced on the official website soon.
Unique Hybrid Infrastructure to ensure Efficiency and Security
GOW Distributed Exchange will adopt a hybrid infrastructure designed to combine the advantages of traditional centralized exchange (fast trade execution, price and time matching) with those of a decentralized exchange (wallet security, liquidity bridging) by combining a centralized liquidity pool and trading engine together with decentralized transaction settlement.
About GOW
GOW is building an Ecosystem that links the cryptocurrency trading market with the traditional financial market. GOW Exchange is a Regulated Distributed Exchange, licensed by the Philippines Central Bank – Bangko Sentral ng Pilipinas (BSP) and Philippines Security and Exchange Commission (SEC). The core members of the team have rich experience in global financial and the Internet industry. The exchange itself technically combines the advantages of centralized exchange and decentralized exchange. Via existing banking network, we provide exchange services in Philippine legal fiat currency and various cryptocurrencies in a safe and private manner. With our unique resources, qualifications, and advantages, GOW will focus on the functionality and user experience of the exchange and its ecological layout. We aim to provide the best cryptocurrency trading services for the Blockchain industry around the globe.
For more details, visit: http://www.gow.com/
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